ANDOVER, Mass., Jan. 7 /PRNewswire/ -- Health Management International, Inc. (NASDAQ: HMII) announced today it has completed its reorganization with a corporate name change -- to TDX Corporation -- and the election of new officers.
William L. Bennett, co-chairman and chief executive officer of Noel Group, Inc. (NASDAQ: NOEL), was elected chairman of TDX and Donald T. Pascal, managing director of Noel, was elected president. Noel owns a 49 percent interest in TDX and works closely with the TDX operating management in financial and acquisition matters.
TDX Corporation was founded in 1988 by Christopher T. Jenny and Dr. Alan P. Xenakis under the name Xenejenex, Inc., later changed to Health Management International, Inc. The company currently operates three subsidiaries: Diet Workshop, a provider of weight control products and services; Transactional Media, Inc., a producer of direct response infomercials and transactional programming for television, a format that combines product selling with a more conventional entertainment format, and Xenejenex, Inc., a health-care communications company which produces and distributes health-care videos and television programs.
Mr. Bennett said that Noel's increasing capital commitment for acquisition purposes dictated closer involvement of Noel management with TDX, and that the new structure enables operating management to concentrate on the growth of the three subsidiaries. He also said that TDX has undertaken a serious evaluation of acquisition opportunities in the environmental services field.
In other officer and board changes, Earl D. Greenburg, president and chief executive officer of Transactional Media, Inc., was elected to the board of directors, joining the other senior executives on the board, Mr. Jenny and Dr. Xenakis. In addition, Messrs. Jenny and Xenakis were named managing directors and Steven F. Smith was elected chief financial officer.
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/CONTACT: Donald R. Dwight of TDX Corporation, 203-661-8480/
(HMII)